I'm curious why you'd have such an app on your phone and why you'd post comments about your working hours? I don't expect a reply but I could never understand the attention whoring of fb.
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Another over entitled mentality Gen Y
- Thread starter TMNT
- Start date
I'm curious why you'd have such an app on your phone and why you'd post comments about your working hours? I don't expect a reply but I could never understand the attention whoring of fb.
Unfortunately, she bought on top of the market and is trying to sell at the bottom.
Some mistakes include:
The suburb is not too bad but it favours houses, so for me why would I buy a unit when > % are houses.? Also, the median for units has increased but mainly new ones, so old are out of favour when there's choice.
Small area and placement not for my liking or criteria, very compact and access straight into kitchen, so no appeal. Most renters in the complex..
So lots of mistakes cost, but only when you sell, unless she is willing to wait and see if markets turn?
IMHO, bad investment from the start, I wouldn't buy it at all, so perhaps better to offload and learn from the mistake. Next step would be to educate herself more!
If she only stuck to Michael Yardney's preferred investment strategy she would not have invested there!
1. Buying a property below its intrinsic value
2. In an area that has a long history of strong capital growth
3. Buy a property with a twist – something unique, special or different and
4. A property where she can manufacture capital growth through renovations or
redevelopment.
The answer is NO to all!
Ms Just certainly isn't making a great case.
where does it say what and where she bought???? I just assumed, she either bought at the peak or bought some OTP or almost brand new apartment. 7 years and no value increase is a dud of a investment, however kudos for giving it a go regardless, $20k personal debt unless extreme circumstances is just ludicrous.
at my lowest of low financial positions, when my business went sour and i sold up I still had a $8k credit card debt that I wasnt even making the minimum payment, and that made me feel like I had a sack of concrete in my gut
as for financial freedom, it was a dream I had to be debt free at 25, but I knew it was
a) unrealistic
b) you had to do a business or some sort
c) had to start really really really early
d) had to be very lucky
so when I hit 25 and was still at square one, I simply didnt complain, and just readjusted my goals
lets put things into perspective.
I hang around a very body conscious group of people,.
we all go to the gym, some go 6 days per week, some 2, none smoke, we all rather die then get a beer gut, yet the nation is obese,
just because you and all your friends dont fit the steretype, it doesnt mean its not true,
one of the girls I see at my gym quite often is an aspiring basketballer, shes 18 and 6ft 7, and all her friends are huge too!, but she doesnt represent the norm
Everyone has a different story, also Gen Y, i bought mine at 21, and i'd say the vast majority of people I went to highschool with are still renting. Some girls bought their house early, even on their own and some guys too. Most didn't. Even though you're Gen Y, you're at the end of it being 30. Could you say the exact same thing whilst you were in your mid 20s? (p.s. 25)
I think a bit differently and don't travel and holiday, rather I invest my money. We will see where my friends are in comparison in 10 years. But $$$ isn't the only measure. They'll probably have a lot more fun. But I think fun is overrated. Besides I'll probably make a million dollars and just before I can spend any of it I'll get cancer. But that's life.
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Couldn't agree more. My friends do have more fun and I spent most of my Friday and Saturday nights from 18 to 23 working until 2am. It was what I wanted though you can still have fun on a Wednesday night off
. Most of my friends are only just buying their first property and I'm getting ready for my 11th people have the choice to achieve financial freedom they just don't want to sacrifice their social life
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Couldn't agree more. My friends do have more fun and I spent most of my Friday and Saturday nights from 18 to 23 working until 2am. It was what I wanted though you can still have fun on a Wednesday night off
. Most of my friends are only just buying their first property and I'm getting ready for my 11th people have the choice to achieve financial freedom they just don't want to sacrifice their social lifeExactly. It's irritating to hear people whinging about work. There's thousands of unemployed graduates and thousands of other graduates (such as myself) working menial jobs because we never got the opportunity of a graduate program and don't have the experience to get hired by the private sector.
There are also millions of people employed and jobs are on offer.
My cousin's husband just changed job from a panel beater to a draftsman and moved from Perth to Gold Coast and his wife (my cousin) is 7 months pregnant and his employer allowed him 2 weeks off for the birth of his first child.
Take control of your own life and if you apply for 100 jobs that you are suited to and not get 1 then there is something you should be changing.
Yes I have been declined for jobs before but when I apply for jobs I apply for things that suit then as times move on I relax my criteria and if I have been unemployed for a long time I would take any job whilst still applying.
I have been redundant, I have moved interstate for employment, I have worked as a casual after fulltime employment. Only you control your life.
I am of a similar age (29) and I can tell you have very different people as this isn't a true representation.
One my sister owns a house (bought when she was 25ish and now 30). In the office I work at (professional/corporate sales people) only 3 people actually (4 if you include a person a mother (about 50 yo) who owns a place in NZ) own a house and one only bought at the end of last year. There is about 15 employees that work in the office.
Even the office manager (about 40) is single and doesn't own his property. He insteads rather spends money on nice cars, rents a nice place and enjoys nice wine.
Compared to myself I own a modest car (mazda 6) and enjoy wines but will usually drink about $20 a bottle and it would be two bottles every three weeks.
Even my friends I struggle to think of 20-30% of friends who have bought.
I always love reading the comments;
She didn't 'buy' a house, she merely became a placeholder for the banks just like most of the people we know who 'own' their houses.
Protip, debt-slavery is bad. If you have a great wage and pay the mortgage off in a short time then it's probably worth it but otherwise you might as well clamp some irons on your leg and chain the other end to your desk. Then add the cost of government taxes (about 35% in Brisbane, 45% in Sydney) and 'interest' into the equation and you are paying at least twice what the property is worth. So in the end, if your property at least doubles by the time you pay it off then congratulations, after slaving away for 30 years you have finally broken even...if you sell it.
CommenterCynic Date and timeMay 06, 2015, 7:42AM
You are also able to leverage your money and if a property double in 30 years I would be looking at making changes a lot sooner...
History is the only indication we have of the future but for 100k today you can buy a 500k asset and in 30 years time (using history) the place is worth 4M. Even if you take off 1M for P&I and could only sell the place for 3M you are still ahead by 2M. Not bad for 100k initial investment.
The place in 30 years time cannot be worth 1M unless immigration stops, wages freeze as incomes do keep going up. When I was in school 100k was a lot of money for someone to earn, today it is a lot more common (not saying it is average).
She didn't 'buy' a house, she merely became a placeholder for the banks just like most of the people we know who 'own' their houses.
Protip, debt-slavery is bad. If you have a great wage and pay the mortgage off in a short time then it's probably worth it but otherwise you might as well clamp some irons on your leg and chain the other end to your desk. Then add the cost of government taxes (about 35% in Brisbane, 45% in Sydney) and 'interest' into the equation and you are paying at least twice what the property is worth. So in the end, if your property at least doubles by the time you pay it off then congratulations, after slaving away for 30 years you have finally broken even...if you sell it.
CommenterCynic Date and timeMay 06, 2015, 7:42AM
You are also able to leverage your money and if a property double in 30 years I would be looking at making changes a lot sooner...
History is the only indication we have of the future but for 100k today you can buy a 500k asset and in 30 years time (using history) the place is worth 4M. Even if you take off 1M for P&I and could only sell the place for 3M you are still ahead by 2M. Not bad for 100k initial investment.
The place in 30 years time cannot be worth 1M unless immigration stops, wages freeze as incomes do keep going up. When I was in school 100k was a lot of money for someone to earn, today it is a lot more common (not saying it is average).
You know, I think life should be about balance and people should respect other people's paths rather than denigrating them. If it doesn't work for you, well that's OK, choose your own path, do it consciously and realise that there are advantages and disadvantages in the path you choose. People want different things out of life and with a bit of luck, those desires will help guide their path.
My personal situation is that I'm gen x & have far less dollars wise than many of the gen yers who've commented in this thread. Do I wish I had more money? Well yeah I do because aspects of life would be less stressful now. BUT, would I give up the life experience I've gained with what I've done with my life. Absolutely not. If I had my time over again would I do things differently from a financial perspective? Well, I think so there are 2 points (one in 2000, the other 2004) which if I could live them again I would have made different decisions or at least tried harder to achieve my financial goals. Having said that, if I had done I may not have had the financial freedom to some of the stuff I did between 2005 & 2010 and my life experience is much richer for those years.
So live & let live I say. And take responsibility for your actions.
My personal situation is that I'm gen x & have far less dollars wise than many of the gen yers who've commented in this thread. Do I wish I had more money? Well yeah I do because aspects of life would be less stressful now. BUT, would I give up the life experience I've gained with what I've done with my life. Absolutely not. If I had my time over again would I do things differently from a financial perspective? Well, I think so there are 2 points (one in 2000, the other 2004) which if I could live them again I would have made different decisions or at least tried harder to achieve my financial goals. Having said that, if I had done I may not have had the financial freedom to some of the stuff I did between 2005 & 2010 and my life experience is much richer for those years.
So live & let live I say. And take responsibility for your actions.
I think everyone agrees with you on this.
The issue with this thread is the Gen Y in question is whining about it all, and for many here who have been there, and done that; they/we/I see her whining as not seeing the forest for the trees.
Many folks (same age and even much older) in the world would love to be doing as well as her right now.
I love this type of thinking. If I locked myself out of my house and I had to borrow a crowbar from my neighbour to lever the window open, the house does not then belong to him.
Employment among recent university graduates hits 20-year low
http://www.abc.net.au/worldtoday/content/2014/s4057073.htm
Plus Rudd opened the flood gates and let every man and his dog study at uni so now we've got heaps more uni graduates to compete against.
